Bitmine Immersion Technologies (NASDAQ: BMNR) has formed a golden cross for the first time since its major rally following the company’s pivot to an Ethereum-focused corporate strategy.
According to data from Koyfin, Bitmine’s 50-day moving average stood at $22.15, crossing above its 200-day moving average of $21.73 as of Wednesday’s session.
The last time this bullish technical signal appeared was on June 30, 2025, the very day Bitmine formally adopted Ethereum accumulation as its core corporate treasury strategy.
A golden cross occurs when a stock’s short-term moving average crosses above its long-term moving average, and is widely regarded by traders as a bullish signal for future price performance.
The indicator is considered lagging in nature, meaning it confirms trend momentum already in motion rather than predicting future moves with certainty.
Bitmine closed Tuesday at $26.73, representing a gain of approximately 109% from its June low, a significant recovery that underscores how dramatically sentiment has shifted around the stock.
Despite that recovery, the stock remains 59% below its 52-week high of $65.60, indicating that significant ground still needs to be recovered before the company returns to peak valuation territory.
Retail sentiment on Stocktwits remained in the “bearish” zone at the time of writing, with chatter volumes dropping to “low” from “normal” levels over the prior 24 hours.
Bitmine chairman Tom Lee stated in an interview at Korea Blockchain Week that the company’s July share repurchase program effectively marked the bottom for the stock.
“We’ve also executed the largest buyback in the crypto industry ever: 21 million shares or 350 million. And it was done in July. We literally marked. We really made the bottom for Bitcoin. That was the bottom for the stock. And then a month later, you know, our production almost doubled in price,” said Lee.
Since July, Bitmine has purchased 20.8 million shares through its buyback program, a figure Lee described as unprecedented within the broader cryptocurrency industry.
The company’s Ethereum holdings exceeded 6 million tokens this week, representing approximately 4.9% of total circulating supply, with total holdings valued at $17.2 billion.
The scale of Bitmine’s Ethereum accumulation places it among the most significant institutional holders of the asset globally, adding a unique dimension to how the market values the stock.
The golden cross, combined with the record buyback program and growing Ethereum treasury, sets up an increasingly watched technical and fundamental picture for BMNR heading into the final quarter of 2026.
